The Game: The Big Hole in Twitter’s IPO Filing

The Game columnist Dennis Berman has spent a week with Twitter's 120,000 word filing and he says that one major thing is missing. He joins digits.

This transcript has been automatically generated and may not be 100% accurate.

... I ... the hole in your filing do with that a whole that's what I miss Bowman says ... he joins us now to explain this ... sentence ... when diseases in which eight hundred and twenty thousands of words in this filing ... one yet basically gaping hole like ... these days they ... tend to any could've been dealt with in just a few tactics last month the characters but that visit the pages ... of people very excited about Twitter IPO any insight shows in its ... power makes money to its customers aren't so one but ... you know I spent ... oh and can ... Amanat Einstein actually reading it I think ... the way with a very simple observations I think it's important for people are opening investing in and the ... andthe can store all and that Paul Simon is ... what the business actually ... done it and the mechanism excels by which it sells advertising ... and by which it makes my ... basically you read the Twitter IPO you'll come away with ... a sense that this is a growing business but the ... show ... but the actual process by which money comes in at which ... customers are satisfied ... there is almost ... basically no information and you like a Maktoum Kabila site will we have more cars in the last and that's why we sold more ... which doesn't actually cut the one that I and and and this you want to get into ... finance of a repeat by is probably enough money coming back is or attrition right with them right away they come and ... you want to say the public of me to come ... still it's a it's it's very similar thing that is the consumer business obviously it's a big component of the ... day when he attends millions hundreds of leads people using a prison service comment on the island and they have over two hundred million but ... on the other side of that is a business to business operation a business to business operations sells that's become so big and small ... a powerful enough powerful the automated messages via person present sales ... and that really is the business of Twitter so the point in the main about ... to wear those advertising what's the number of what's their makeup what's the renewal rate how much of it a ... no information is really available to to anyone who went to mass and Twitter and that to me is the whole ... now ... I'm that's free fall because is a big to less this Christmas Apple's there's a big difference between a few call to the customers ... what made to ninety percent of your business brands aam and you know we don't know what the last the law Street different from having ... four hundred customize and maybe lose ten or twenty ... one Sharenow force by FTC rules he had to be customers only ... I think you have to disclose that yet and you could say ... the most extreme example and you can say having a large number of customers is a strength but ... again ... really understanding the mechanism of this this and it's ... really like how it makes the widgets to make the money ... there is there is no information and and ... I think Facebook had a very similar approach with him in public ... and it had terrible first year the stock has since recovered quite nicely ... and I think this'll be the opposite argument that thing and sent ... Simon ... which is ... located ... if you bought a tube on the Twitter IPO you're buying secular growth into mobile advertising ... sixty five percent of of ... of Twitter of revenues are our mobile related ... and you know you can quibble about its closure in the IPO filing but it you're overlooking the basic facts of ... a huge sector system all night you point out that I'm that maybe some reluctance to release the information because he competitors can use your sensei battling sandwiches also social media and Snelling which I think that on a very good job they did disclose some money to disclose some information about a number of advertisers about ... the process by which they sell them you can see some some similar disclosure and Pandora Media of the online radio company VP Phil little bit for that other this is the best companies like Workday mixes that ... software service company ... they give up much more color about ... the quality of their advertising so ... so put all together ... an act called the dial people we do in the ... fall ... was that it was the immediate if a wealth Eisman Indiana's is magical mostly black box which is the frozen you don't know don't really get tons of cement cicadas can get them to but they're wet and if you if you if you buy the stock and you get done because you didn't know enough it's your own fault because unity yet he's he you could've ... you could if anyone has plenty of things that would recommend ... you to buy for this this big sale that ends a mention but ... it's not like all the beautiful lacquered ... black box with a bow ... on top ... they haven't been to Isom admitted on Sunday for much of a very much a was a player in ... the men's business ... and bolster job